3. Form 1040-SR makes filing easier for seniors
“Form 1040-SR is a good option for those ages 65 and over,” says Mark Steber, chief tax officer at Jackson Hewitt Tax Service, headquartered in Jersey City, New Jersey. Following the Bipartisan Budget Act’s passage in 2018, having the option to use the new form 1040-SR over the traditional 1040, which takes about twice as long to complete is a great thing for seniors who turned 65 on or before Jan. 1, 2020.
While following the same template, the 1040-SR allows income reporting from sources such as investment income, Social Security, and distributions from retirement plans or other deferred payment arrangements.
Working or retired seniors can either accept their extra standard deduction or itemize specific deductions, in which case they will also have to file Schedule A.
